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Omni to Construct 30+ Story Building Downtown; Hotel, Apartments, Grocery, Local Art Gallery

January 6, 2015

Mayor Greg Fischer announced today that Omni Hotels & Resorts will build a 30+ floor multi-purpose building in downtown Louisville that includes a 600-room hotel topped by 225 luxury apartments. Situated one block from the Kentucky International Convention Center, the new Omni Louisville Hotel will be a four-diamond, luxury hotel.

The new architectural landmark on the skyline will be the third tallest building in the city, behind the National City Tower (40 stories) and The 400 W. Market (35 stories). The complex will include two restaurants, a lobby lounge, 70,000 square-feet of meeting space, a lobby art gallery, a rooftop cafe, spa and fitness center, swimming pool and grocery. The project will be sustainable, with LEED silver certification.

The $289 million project will be completed no later than March 31, 2018, Fischer said. The project is estimated to create 765 construction jobs — with 20 percent minority and 5 percent woman-owned business participation — and 320 permanent jobs.

“The investment is transformational for downtown and another sign of the momentum in our city. We are thrilled to partner with the great team at Omni Hotels & Resorts, a nationally recognized luxury hotel brand and continue our strong partnership with The Cordish Companies,” Fischer said. “Outside of the Ohio River Bridges Project, this will be the largest single investment occurring in Louisville.”

The Mayor announced in March that Omni would partner with The Cordish Company, developer and owner of Fourth Street Live, to build a new hotel, apartments and grocery on the old Water Company block at Third and Jefferson streets. After further discussion with Cordish, it was decided that Omni will be the sole developer of the project, making it the first Omni property in Kentucky.

Cordish brought the Omni deal to Louisville and for that “we are very pleased Cordish has delivered a world class development to the City and we look forward to future partnership with the Cordish Companies,” Fischer said.

“We are looking forward to breaking ground on the new Omni Louisville Hotel,” said Mike Deitemeyer, president of Omni Hotels & Resorts. “We are confident that this new, mixed-use complex and four-diamond hotel will bring additional convention and tourism business to the bustling city of Louisville and we are excited to be a part of the community.”

Cordish will transfer its development rights for the Water Company block to Omni while continuing its successful and long-running Fourth Street Live, Kentucky’s largest tourist destination.

“We are very pleased to have delivered a world-class development for the city as we promised. Omni will be a great addition to Louisville, and we are pleased they have agreed to flag the convention hotel as part of this $289 million expansion of Fourth Street Live,” said Blake Cordish, Vice President of the Cordish Companies.

“The Omni will provide the bed capacity needed since the opening of the Yum Center and provide the quality of place our visitors have come to expect,” Council President Jim King said. “I congratulate the Mayor and his team for landing such an asset for Louisville. The Metro Council will work carefully but quickly to complete its evaluation of the transaction from which I expect a positive outcome.”

Fischer said the project is a public-private partnership with Omni paying 52 percent of the development costs ($150 million) and the city and state providing 48 percent ($139 million), which includes a rebate of taxes generated by the project, $17 million for a parking garage to be constructed and owned by the Parking Authority of River City (PARC) and $17 million, the value of the land.

Omni’s investment complements numerous other projects planned or underway downtown including six new hotels bringing an additional 1,500 rooms; over $50 million invested in bourbon tourism experiences; and the expansion of the Kentucky International Convention Center; as well as the $2 billion Ohio River Bridges Project.

Fischer announced that prevailing wage will be paid on the entire project with goals set for local and minority participation.

The Louisville Metro Council has been asked to consider and approve the following:

A general ordinance including the surplus of the property, a local participation agreement, and disposal of prior promissory note commitment with Fourth Street Live!;

A bond authorization for the construction and a bond authorization for the PARC garage.

Upon approval, the next steps will include Omni designing the tower. The City will work with Omni on the final design and we look forward to receiving input from the local historic preservation and workforce communities regarding final design and construction.

Other reactions to the announcement:

“The Omni brings a multitude of opportunities to the Louisville market. From a top rated hotel to luxury apartments and retail that includes a grocery – it is a great use of a currently underutilized city block,” Councilwoman Marianne Butler said. “I look forward to the economic surge from construction to opening day with employees covering a 600-room hotel. Louisville has gained a great partner for a long relationship.”

“The Omni hotel and apartment tower will be a welcome addition to the Louisville skyline. In the short term this project will infuse millions of dollars into the local economy and provide critical opportunities for minority- and women-owned businesses to compete for contracts that will grow their businesses,” Councilman David Tandy said. “In the long term the addition of over 600 hotel rooms, apartments and a grocery store will enhance downtown activity and overall economic growth for our city.”

“The Omni is a game-changer for Louisville’s hospitality industry increasing our convention business potential in a competitive marketplace,” said Karen Williams, President and CEO of the Louisville Convention & Visitors Bureau. “Louisville currently hosts 12.7 million visitors each year. A hotel project of this scope will help support and strengthen further tourism growth.”

“This is a profoundly positive development for our downtown. It brings elements to the central business district that are great assets and timely amenities given other growth,” said Rebecca Matheny, president of The Downtown Partnership. “Our experience with the Omni family in other downtowns is that they truly understand high-quality projects that reflect local character and are an exemplary complement to our local core values.”

About Omni Hotels & Resorts

Omni Hotels & Resorts creates genuine, authentic guest experiences at 60 distinct luxury hotels and resorts in leading business gateways and leisure destinations across North America. With over 20 world-class golf courses and award-winning spa retreats, to dynamic business settings, each Omni showcases the local flavor of the destination while featuring four-diamond services, signature restaurants, Wi-Fi connectivity and unique wellness options. Known for its distinguished, personalized service, Omni leaves a lasting impression with every customer interaction, with a heightened level of recognition and rewards delivered through its Select Guest loyalty program and the company’s “Power of One” associate empowerment program. The brand is frequently recognized by top consumer research organizations and travel publications. To get additional information or book accommodations, visit omnihotels.com or call 1-800-The-Omni.